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What’s an acquisition fee? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct your own research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and when products are featured on this site, including such things as the order in which they appear within the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offers that may be available to you. SHARE: Nejron Photo/Shutterstock
2 min read published on February 26, 2022.
written by Zina Kumok. Contributing writer Zina Kumok has been a full-time writer for personal finance since the year 2015. She’s a three-time nominee for Best Personal Finance Contributor/Freelancer at the Plutus Awards and a two-time speaker at FinCon, the premier financial media conference. Edited by Chelsea Wing Chelsea Wing Editor: student loans editor Chelsea has been with Bankrate since the beginning of 2020. She’s committed to helping students to navigate the steep costs of college and simplifying the complex world of student loans. The Bankrate promises
At Bankrate we are committed to helping you make smarter financial decisions. While we adhere to strict ethical standards ,
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We are compensated in exchange for placement of sponsored products and, services, or when you click on certain hyperlinks on our site. This compensation could impact how, where and in what order items appear in listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether or not a product is available within your region or within your own personal credit score can also impact the manner in which products are featured on this site. We strive to offer a wide range offers, Bankrate does not include information about every credit or financial item or product. An acquisition fee is the cost you pay when or other kinds of vehicles . It could be called the assignment fee, administrative fee or origination fees. The cost is usually about a couple hundred dollars, which is why it’s important to consider the cost in your spending plan when shopping for a car to lease. How do you calculate an acquisition fee? In almost all cases, when you get an loan you’ll have to pay some sort of charge to initiate the loan with the lender. The fee typically covers the cost of initiating the loan and running a credit check on the consumer. For auto leases, this is known as an acquisition cost and can also be referred to as an administrative or bank fee. The acquisition fee can be paid upfront or added into the monthly lease payment. What is the cost of an acquisition fee? An acquisition fee for an auto lease generally is between $395 and $895 but may vary depending on the vehicle in question and the leasing company you’re dealing with, as per Edmunds. Typically, the more expensive the vehicle, the more expensive the acquisition fee. A luxury car will almost always come with more expensive acquisition fees than a sedan that is mid-range. Contrary to interest rates, an acquisition cost isn’t affected by the person who is borrowing the money’s financial situation, credit score, or any other personal variables. What can I do to determine if my loan comes with an acquisition cost? The easiest method to figure out whether your lease has an acquisition cost is to contact the lender or the dealer directly. If you have the paperwork, read carefully to find out if there’s the mention of an acquisition cost. They are skilled at hiding fees within the fine print, so it could be difficult to spot. The acquisition fees could also be added to your monthly lease payments. It doesn’t matter if it’s paid upfront or as a part of your monthly lease installments legally, lenders are required to inform you of additional charges or fees when you inquire. Are acquisition fees negotiable? Like buying a car and a home, you must at least try to bargain. The acquisition cost and other lease-related features like the value of trade-in or interest rate, as well as loan duration can be discussed. If this doesn’t work, you can always look for a different lease that doesn’t require the acquisition cost. There are often lease specials provided by both dealers and manufacturers that might offer better options and it’s important to shop around. It’s also important to remember that in rare instances where you’re able to bargain a lower purchase price with an lender, they may raise the amount of money you pay in response. Make sure you are aware of the lease agreement prior to signing it. What is the best way to pay for an acquisition cost If your leasing company requires an acquisition fee, the cost can be paid out in advance or added in the overall cost of the loan. If you select the alternative, the acquisition fee will be included in the total for the lease. This will increase the monthly lease payments , and will cost you more over the long term because of compound interest. In addition, adding the acquisition fee the loan can help, however in the event that you end up having to pay for the car. When you have paid the purchase cost prior to the time of accident and the vehicle is in an accident, you will not receive the entire acquisition fees back from the lender. If you’d rolled this acquisition charge into your loan it would be possible to recuperate a portion of the amount. The bottom line Acquisition fees can be avoided if they are discovered them before you officially sign the contract. If you attempt to negotiate the purchase cost with the leasing company and are unsuccessful, think about seeking a new deal. Do not be compelled to agree to the lease agreement. Before signing a lease agreement make contact with several companies to determine what type of . It is the most effective method to reduce or eliminate the cost of acquisition. Find out more:
Written by Contributing writer Zina Kumok, who has been a full-time personal financial writer since the year. She’s a three-time nominee for Best Personal Finance Contributor/Freelancer at the Plutus Awards and a two-time speaker at FinCon, the premier financial media conference. Edited by Chelsea Wing Edited by student loans editor Chelsea has been working at Bankrate since the beginning of 2020. She’s dedicated to helping students to navigate the daunting costs of college and breaking down the complexities of student loans.
Student loans editor
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